End titles for the Kallitsantsi administration in Ellactor
During the General Meeting of the listed company the shareholders proceeded to vote against the first two items of the agenda, which concerned the reduction and increase of the share capital of ELLAKTOR, while the proposal of the Dutch for the appointment of a new management "passed" with a percentage of 61.27%.
The Dutch proposal for the appointment of a new administration was approved with 61.27%.
In particular, 88.41% of the shareholders voted against this issue,
which means that both parties (Reggeborgh, Invesco) voted against the
specific proposal of the board.
The first issue concerning the reduction of the share capital with the reduction of the nominal value of the shares was voted against by 88.37% of the shareholders.
The General Meeting, which took place online, was attended, in person or through representatives, by shareholders corresponding to 76,879% of the share capital of Ellactor.
Prior to the vote, Ellactor CEO Anastasios Kallitsantsis noted that the proposed Share Capital Increase is necessary to ensure Aktor's liquidity.
"With the resolution of the last pending issues for Aktor, the Ellactor group is ready to proceed dynamically with the development, the capital increase is necessary as part of the overall planning of the group", he stressed and underlined that the outcome of the vote depends on the position of the two big shareholders, Reggeborgh Invest and Invesco / Akron Trade & Transport.
Regarding the third issue, the shareholders voted with a percentage of 61.27% for the proposal of Reggeborgh for the new members of the Board of Directors and specifically for Mr. George Mylonogiannis for the position of Chairman, Mr. Aristides Xenofos for Vice President and CEO with executive responsibilities, Mr. Dimitris Kondylis consultant also executive member and Mr. Konstantinos Toumbouros and Mrs. Athena Hadjipetrou as independent members.
Walking on a tightrope
During the meeting, both the side of the administration so far, namely An. Kallitsantsis and the side of Reggeborgh, represented by the university professor and lawyer Georgios Sotiropoulos, walked on a tightrope. Before the voting on the agenda items, the former CEO of the group defended the work he performed from the summer of 2018 until today, presenting the financial figures and business developments, responding essentially to the negatives mentioned by the Dutch group in the previous period.
Mr. Sotiropoulos took the floor and argued that there were judicial developments in Greece and abroad that fully justify the company and specifically "for the objections of Anat. Kallitsantsis that the Dutch group violates competition principles and that some of the persons proposed are in a state of conflict of interest ".
He said that there was a relevant request for precautionary measures from Invesco that tried to prevent the holding of today's general meeting, however, he stressed that afterwards the company's lawyers retreated. "The DG of Competition was asked to take precautionary measures, which was not accepted as it was judged that there is no reason to take such a step" he said and added "regarding the share capital increase we ask to reject the proposal of the Board, because it is not a substantiated proposal and is not part of a comprehensive plan for the restoration of the group's financial adequacy". The representative of the Ducth finally stressed that "Reggeborgh is a passive investor and is not involved in the management of the participating companies".
Finally, Mr. Christos Panagiotopoulos (REDS second largest shareholder who controls around 11.5%) burst out saying that "I have been on the market for 34 years. Suddenly I see the seizure of AKTOR's bank account, Shame! Wherever we find ourselves, no one wants to hear about ELLAKTOR, because of its debts. Almost the majority of its subcontractors. From 2018 until today it has become a company that no one wants to work with us."